IDBI Bank has reported a net loss for the eighth consecutive quarter, as the state-owned bank reported a net loss to Rs 3,602.49 crores, widening from a net loss of Rs 197.84 crore in the corresponding quarter of the previous fiscal year.
Net interest income or the core income of the bank fell by 21.5 per cent to Rs 1300 crores as compared to Rs 1657.5 crores in the same period a year ago. The total income of the bank also went down to Rs 6,162.14 crores in the said quarter as against Rs 8,302.42 crores in Q2FY18.
According to IDBI Bank’s regulatory filing, the bank’s gross non-performing assets (NPAs) was recorded at 31.78 per cent of the gross advances by September 30, 2018, as against 24.98 per cent in the year-ago period.
The provisioning for NPAs had to be increased from Rs 2,842.15 crores to Rs 5,481.64 crores during the quarter under review. Hence the overall provisioning and contingencies for the Q2FY19 stand at Rs 6,579.83 crores, as against Rs 3,261.42 crores in the corresponding period year-ago.
The IDBI bank continues to top the list of banks with the highest bad loans.